All Forum Posts by: Shawn McCormick

DSCR loans are usually 15 or 20% depending on loan amount. The rates I've been quoted very recently are over 7%.

@Dave Tov I have a couple of good contacts for you for STR loans from Foreign Nationals.

Hi @Kevin Lee. I grew in Toledo and currently invest there, but live in Orlando now for about 20 years. The reason I'm investing in Toledo is because I know the area, have some friends and family there to help if needed and the cost of entry is minimal. 

You say you are looking in Orlando. To be honest, our market doesn't have much multi family and what we do have is generally overpriced junk! You have to go to other smaller markets in Florida to have a better selection, but pricing is still considerably higher than Detroit and your tenant pool will be smaller. If you don't have boots on the ground here and know the market, it may be an uphill battle. Hope this helps.

Good luck!

There are opportunities to make this work for all, but all have to be on board. I would try to get a face to face with the beneficiary and the brother and find out what his 'needs' are. What he wants and what he needs could be very different. Once you let him know he has options of getting monthly payments instead of getting a lump sum may suit him better or maybe getting a healthy down and then smaller payments so he will have income for the next 10-20 years. Seller financing can be very attractive to people that may have limited income (assuming he is older). 

Maybe you offer to pay for probate in return for an option on the house (risky sometimes, but still often cheaper than waiting a few years to save up more money for your down payment). I believe you may even be able to do a remainderman deed. Just explore options and if you don't think you can pull this off yourself, try to get in under contract and then you will open up more options down the road like wholesaling it or bringing in a partner once you have something worth pursuing. 

Best of luck!

@Brian Perez, I see you are in Orlando. I would definitely look into joing the local chapter of the National REIA (CFRI=Central Florida Realty Investors). There are almost two dozens meetings a month on all things RE investing with sub groups on specific niches and then some members even have their own meet ups. You will be able to even find mentors there if you want. The Monthly general meeting is coming up soon.

What are you looking to do? Flip, buy and hold, tax deeds, notes, private lender....?

 Sent you a message.

@Ryan Cavasin HBI (Harding Bell International) is the biggest and best in Florida. We have so much international business here and they focus solely on that. Hope this helps. Good luck

@Brendan Chetuck Welcome, almost, to the sunshine state! I see you are an agent, so you probably have all that covered, but if you need help with understanding neighborhoods or areas of town that might be a good fit for your personal home and/or investment homes, I'm here for you. 

I would also look into joining CFRI the local chapter for the National REIA. Its a great club with hundreds of active members to help direct you with our market and connect to pretty much anything that you will need.

Good Luck!

@Dawn Lewis What area of orlando? Are they short term (airbnb type) or long term rentals. What type of home..condo, town or single family. Most property managers like to stay within a certain radius and/or County and I want to make sure I provide the best fit for what part of town you are in.

Hi @Kenneth D'Souza looking for advice in the STR arena, or in general? Plenty of info and data on Orlando and what communities do well and ones to avoid for the STR communities. The market has shifted dramatically since this post and prices are (hopefully) at a peak, but demand is still very strong. If there are specific questions you have, lots of help from locals here in Orlando.

Hi @Christine Rodriguez What are you looking for an agent to help you with. There are extremely limited REO and short sales on the market now and wholesalers and hedge funds wind up getting most of them. Happy to see if I can provide any assistance.